It is ironic that while the GOP attacks a legitimate public program like Social Security as a Ponzi scheme Republican presumed front runner, Mitt Romney has been linked to a real Ponzi scheme indeed the biggest in history other than Bernie Madoff. On the other hand, Herman Cain has been linked to something much worse: sexual harassment charges which he has in the last few days denied, confirmed, and said he doesn't know whether they are true or they are not true.
"Mitt Romney, his son Tagg, and Romney’s chief fundraiser, Spencer Zwick, have extensive financial and political ties to three men who allegedly participated in an $8.5 billion Ponzi scheme. A few months after the Ponzi scheme collapsed, a firm financed by Mitt Romney and run by his son and chief fundraiser partnered with the three men and created a new “wealth management business” as a subsidiary. "
"In an exclusive interview with ThinkProgress Tagg Romney confirmed their business relationship, but falsely claimed that the men were cleared of any wrongdoing associated with the Ponzi scheme. Tagg Romney told ThinkProgress that his three partners collected about $15,000 from their involvement in the Ponzi scheme. Court documents obtained by ThinkProgress show that the legal proceedings are ongoing and the men made over $1.6 million selling fraudulent CDs to investors. "
Well gee, $15,000 or $1.6 million, let's not quibble!
"In 2009, prosecutors announced charges against the Stanford Financial Group, which managed a portfolio of $8.5 billion, for running a “massive, ongoing fraud” against its investors. The Ponzi scheme bust was one of the largest in recent history, second only to Bernie Madoff, who perpetrated a fraud estimated to be around $17 billion. The Stanford Ponzi scheme wiped out the savings of thousands, including many American retirees across the country. In Texas, 1290 people lost their retirement savings because of the Stanford Ponzi scheme; in Louisiana, several hundred reportedly suffered the same fate."
The one thing clear is that there is no reason not to raise Mitt Romney's taxes. The GOP opposes tax increases on job creators but Romney is not a job creator but a job destroyer. Turns out he also has destroyed thousands of peoples' retirement savings as well.
"The Romney campaign and the Romney family investment company are deeply entwined. A recent Boston Globe investigation found that top donors to the Romney campaign have invested into Tagg’s firm, and that Romney’s star campaign fundraiser, Spencer Zwick, doubles as a managing partner for Solamere Capital. The Romney campaign has paid Zwick’s firm, SJZ LLC, over $2 million in fees this year alone. Mitt Romney’s brother Scott Romney is listed as a senior advisor to Solamere Capital."
Despite this being the second largest Ponzi scheme on record, second only to Bernie, Romney is all about gutting and scrapping Dodd-Frank. He feels it would be tremendously burdensome. Yes it would make future Ponzi schemes harder to pull off.